QBiden unveils plan to forgive $10,000 in student loans for most borrowers, California unveils plan to ban gas-powered new car sales by 2035, and more
1 Biden releases most debtors from their $10,000 student loan burden.
On Wednesday, President Biden unveiled his eagerly anticipated plan to reduce the amount of federal student loan debt. He said he would forgive $10,000 for borrowers making under $125,000 annually, or $250,000 for couples. Additionally, Biden stated that those who get Pell Grants and earn less than $125,000 annually are qualified for an additional $10,000 cut. Middle-class Americans "saddled with unsustainable debt," according to Biden, will benefit from the plan. Additionally, he stated that the suspension of student loan repayments instituted during the pandemic will continue through the end of the year. Even though some advocacy groups had sought for additional debt cancellation, the plan was well-received. Republicans opposed the $300 billion program, which is expected to last for ten years. Kevin McCarthy (R-Calif.), the minority leader in the house, called
2 By 2035, California will no longer allow the sale of new gas-powered vehicles.
According to a policy released on Wednesday, California intends to prohibit the sale of new gasoline-powered vehicles starting in 2035. The launch of the proposal, which would initially place limitations on the sales of new gasoline-powered vehicles prior to the ban, is planned for a vote by state authorities on Thursday. Since California has the largest U.S. auto market, the state's switch to EVs is anticipated to hasten the global transition. Margo Oge, an EV expert who oversaw the EPA's vehicle emissions program under Presidents Bill Clinton, George W. Bush, and Barack Obama, declared that "this is big." Following California's example, other states "will drive the market, and drive innovation," according to Oge. typically more than a dozen states
3 Amazon informs staff that Amazon Care will be discontinued.
According to a memo sent internally by Amazon, the company intends to cease its Amazon Care primary healthcare services by the end of 2022. The firm claimed it is not ending any of its other health programs, but the choice represents a setback in the internet retail behemoth's drive into healthcare. In an email to staff members of Amazon Health Services, senior vice president Neil Lindsay stated that Amazon Care "wasn't going to work long-term" and "is not a full enough product for the major corporate customers we have been targeting." Before deciding to pay $3.9 billion to acquire primary care provider One Medical in July, Amazon claimed it had recognized Amazon Care was not working well.
4 Stock futures advance in advance of the Jackson Hole Fed meeting
After the Dow Jones Industrial Average and the S&P 500 ended three-day losing streaks, U.S. stock futures increased early on Thursday. At 6:30 a.m. ET, futures linked to the Dow and the S&P 500 were each up 0.3 and 0.5 percent. Futures on the Nasdaq rose by 0.7 percent. Snowflake, which increased 17 percent after posting earnings that above expectations, was among the top gainers. On Wednesday, the Dow and the S&P 500 both increased by 0.2% and 0.3%, respectively. The tech-heavy Nasdaq rose by 0.4%. At the Federal Reserve's symposium in Jackson Hole, Wyoming, which begins on Thursday, investors will be searching for hints about the central bank's upcoming steps to combat excessive inflation. Jerome Powell, the Fed's chair, will